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Stabilisation Policy vs. Growth-oriented Policy: Implication for the Pakistan Economy

Author

Listed:
  • Kaiser Bengali

    (Social Policy and Development Centre (SPDC), Karachi.)

  • Qazi Masood Ahmed

    (the Institute of Business Administration (IBA), University of Karachi, and Social Policy and Development Centre (SPDC), Karachi.)

Abstract

Pakistan has initiated a comprehensive reforms efforts aiming at tracking the economy on a higher and sustainable economic growth, reduce level of poverty, reducing unemployment, raising their level of standard of living. These objective were to be achieved through a programme that would build on the macro-economic stability which encompasses structural reforms, trade liberalisation, privatisation, fiscal reforms and financial sector. This paper makes one of the early attempt to analyse the Pakistan stabilisation experiences. In Pakistan the stabilisation programme was started in 1988-89. In this paper we mainly examine the fiscal and monetary policy package since 1988 when the Pakistan committed to a set of conditionalities under the Structural Adjustment Programme of the IMF. The fundamental question that has risen was the relative efficacy of stabilisation oriented versus growth oriented policies on development and welfare. Admittedly, stabilisation and growth are not mutually exclusive and any policy package has to incorporate both the elements. However, the manner in which the policy has been implemented in Pakistan has tended to pursue stabilisation at the expense of growth.

Suggested Citation

  • Kaiser Bengali & Qazi Masood Ahmed, 2001. "Stabilisation Policy vs. Growth-oriented Policy: Implication for the Pakistan Economy," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 40(4), pages 453-466.
    • Handle: RePEc:pid:journl:v:40:y:2001:i:4:p:453-466
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    File URL: http://www.pide.org.pk/pdf/PDR/2001/Volume4/453-466.pdf
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    Cited by:

    1. Manzoor Ahmed & Khalid Khan, 2014. "An Essay on the Political Economy of Fiscal Policy Making in Pakistan," International Journal of Business, Economics and Management, Conscientia Beam, vol. 1(9), pages 229-241.
    2. Mohammad Afzal, 2007. "MACROECONOMIC ADJUSTMENT IN PAKISTAN [1981-2004]: An EVALUATION," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 7(1).
    3. repec:ilo:ilowps:487475 is not listed on IDEAS
    4. Arshad Zaman, 2001. "The Economics of Stateless Nations: Sovereign Debt and Popular Well-being in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 40(4), pages 1121-1134.

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